This is a Basic Lady Bird Deed. A Lady Bird Deed is a transfer of property to another with a reservation of a life estate. Meaning a person can transfer property and retain ownership in that property until death, at which point it will then transfer to the other.
Yes, anyone who owns property in Austin can utilize a Lady Bird Deed, as long as they meet the necessary criteria for creating one.
You can modify or revoke your Lady Bird Deed at any time as long as you’re still alive, so changing your beneficiaries is as easy as pie.
While it’s not strictly necessary, consulting with a lawyer can be a great idea to make sure everything's in tip-top shape and meets all legal requirements.
Absolutely! As long as you’re alive and kicking, you can sell or mortgage your home without any issues, just like you would with a regular property deed.
People often choose a Lady Bird Deed to avoid the hassle and expense of probate, and to ensure their loved ones receive the property without major legal bumps in the road.
With a Lady Bird Deed, the current owner retains the right to live in and manage the property, but when they pass away, ownership automatically transfers to their designated heirs without going through probate.
A Lady Bird Deed is a special type of deed that allows property owners to transfer their home to their heirs while still keeping full control over the property during their lifetime.